TechNation: State to Profit From New Copyright Taxation

Web hosting firm User1st raises $3 million | BioLineRx announces Chinese joint venture

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Israeli shekels are worth more in euro or dollar terms than for many years.Credit: Reuters

State to profit from new copyright taxation 

A new method for taxing intellectual property will bring the state 1.3 billion shekels ($340 million) a year, according to an interministerial committee examining Israel’s tax policy on multinational tech corporations. The new policy will be included in the 2017-2018 Economic Arrangements Bill, which accompanies the state budget. The team is recommending lowering the corporate tax rate to 6% for companies with international annual turnover above 10 million shekels, to compete with states like Ireland and Switzerland. The proposed changes come as the Organization for Economic Cooperation and Development introduces stricter tax policies for high-tech companies. (Ora Coren)

Web hosting firm User1st raises $3 million

Israeli web hosting company User1st has completed a $3-million funding round, it announced. The company develops software to make websites accessible to people with disabilities. The round was led by Cornerstone Venture Partners and 500startups, 888 founder Eyal Shaked and COMSEC founder Nissim Barel. To date, $5 million have been invested in the company, including a contribution from the Chief Scientist’s Office. User1st’s annual revenues are about $2 million. The company intends to use the new money to expand marketing in the United States and Europe and to increase its payroll from its current 16. It sells its product to computing companies such as Matrix and Teldor, which install the software for their own customers. (Ruti Levy)

BioLineRx announces Chinese joint venture 

Jerusalem-based drug development startup BioLineRx last week announced a joint venture with Chinese venture capital fund I-Bridge Capital. BioLineRx seeks to identify and develop compounds for disease treatment; I-Bridge focuses on developing innovative therapies in China. The joint venture, iPharma, seeks to develop clinical and preclinical medicines primarily in Israel in order to serve the Chinese and global health care markets, the parties said. Each will put in $1 million in seed capital. BioLineRx will identify potential drugs of particular interest in China. iPharma will license the compounds for further development and sale. (TheMarker)

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